Rockdale Municipal Development District Received Clean Audit Report

FY 2023 Ends with Higher Revenues, Larger Net Position, No Debt

 (May 21, 2024) ROCKDALE, Texas –  On Monday, May 20, 2024, the Rockdale Municipal Development District (RMDD) Board of Directors received an audit report for Fiscal Year 2023.  RMDD Economic Development Director, Jim Gibson, explained to the Board that there were no audit findings or deficiencies – “The auditor, Don Allman from Georgetown, gave the RMDD a clean audit, the highest level of compliance we could receive.”

In FY 2023, the RMDD completed the sale of the FM 487 property, the former Rockdale Industrial Park, to Ranch Road Development for the purposes of constructing the new Cornerstone subdivision.  This single transaction drove many of the changes realized in the audit report.

The RMDD’s net position increased by $910,868 as current assets (the net cash proceeds) increased while liabilities also decreased.  The RMDD used the sales proceeds to fully retire the debt it held.  The debt instrument was from extending water and sewer lines to the property. 

Revenues for the RMDD, which mostly come from the ½ cent sales tax levied within the District, decreased by $52,400.  This is mostly explained by an accounting adjustment.  Actual cash receipts for the year increased. 

The City and RMDD also used the sale proceeds to pay for the new Comprehensive Plan and Parks Master Plan – a large project that otherwise would have been difficult to fund.  Expenses were up from the prior year, mostly from projects and personnel costs.  Even with accounting adjustments, revenues exceeded expenditures by $910,900.  This allowed the RMDD’s unreserved fund balance to grow to $1,675,100.

“It is the RMDD Board’s intention to leverage this money to help develop a new industrial park,” reported RMDD Board President Nathan Bland.  “This is a project we have been working on for the last 18 months.”

The RMDD audit will be presented at the June 10 City Council meeting for their approval.